A $4.6 Billion Global Opportunity for Surfing by 2026 - New Research from StrategyR

SAN FRANCISCO, June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Surfing - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to our digital archives and MarketGlass Research Platform
• Complimentary updates for one year

Edition: 18; Released: March 2022
Executive Pool: 9303
Companies: 173 - Players covered include AGIT Global North America, Inc.; AJW Surfboard; Boardriders, Inc.; Body Glove; BruSurf; CANNIBAL SURFBOARDS; Channel Islands Surfboards; Firewire Surfboards, LLC; Global Surf Industries; Globe International Limited; Gul Watersports Ltd; Harbour Surfboards; Hydenshapes; Infinity Surfboards Inc; JS Industries; Keeper Sports Products, LLC; Mt Woodgee Surfboards; Naish International; NSP International; O’Neill; Rip Curl International Pty Ltd.; Rusty Surfboards; Tahe Outdoors Ltd; Volcom, LLC and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Surfing Boards, Apparel & Accessories); Distribution Channel (Offline, Online)
Geographies: World; USA; Japan; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; Rest of Asia-Pacific; Rest of World.

Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry

Amid the COVID-19 crisis, the global market for Surfing estimated at US$4.0 Billion in the year 2022, is projected to reach a size of US$4.6 Billion by 2026, displaying at a CAGR of 4.1% over the analysis period. Surfing Boards, one of the segments analyzed in the report, is projected to record a 4% CAGR, while growth in the Surfing Apparel & Accessories segment is projected to spiral at 3.5% CAGR. The global surfing equipment market is set to deliver a dazzling performance ahead on account of increasing popularity of recreational activity and water sports along with ongoing innovations. Surfing represents a surface water sport, where a surfer stays on the head or front of a moving water wave that leads the surfer to shore. The recreational activity acts as pressure buster and involves the use of surfing equipment like surfing boards, surf gear, apparel and accessories. The market is driven by increasing popularity of adventure and water sports along with rising acceptance of recreational activities for their health benefits. These trends are resulting in strong demand for equipment intended to facilitate movement of the body against the wave. The market growth is augmented by expansion of the international tourism industry and increasing interest of adventure enthusiasts in the water sports, mainly the millennial generation. 

Factors such as rapid urbanization, rising disposable income, increasing health consciousness, rising inclination of people towards sports, aggressive marketing activity and high contribution from the online channel are anticipated to help the market in exhibiting a healthy growth. Strong focus on fitness and wellness is expected to drive an increasing number of people to engage in surfing, while the uptick in surf tourism is fuelling sale of surfing equipment, clothing and related accessories. Easy accessibility and enhanced affordability of surfing equipment are prompting people across different demographics to engage in the surfing activity. The accessibility factors can also be attributed to increasing availability of wave pools for surfing training. These pools provide surfers with the opportunity to get training irrespective of weather conditions. Surfing equipment providers are engaged in efforts to make the surfing activity more approachable for people. In addition, rising popularity of the sports culture is driving customer spending on surfing and related equipment. The trend holds particular relevance in developed countries, including the US where surfers spend significantly on local surfing trips and surfboards. Surfing equipment innovations and new product launches along with strategies to push demand remain the salient drivers for the global market that are anticipated to present attractive opportunities to participants.

Ongoing technological advances associated with surfing equipment are playing an important role in bolstering product demand. While the introduction of shark repellents is a notable development, the need to cover the body for enhanced protection from the sun is likely to push apparel demand. Accounting for one-fourth of the market revenue, surf clothing is expected to benefit from increasing attention of companies on new designs and ideas along with advanced technology. The market expansion is favored by strong focus of specialty stores on offering high-quality products and marketing to establish them as the family store catering to people and teenagers. These stores are preferred options for people with high disposable income who pay attention to premium products, providing a value impetus to the market. On the other hand, price-sensitive customer, limited surfing venues and low participation across various countries remain key barrier to the market growth. In addition, declining natural resources and water bodies are expected to present new challenges to the surfing equipment market.

Over the years, surfing activity has managed to grab the interest of individuals across all age groups supported by its portrayal as a cool happy in various television shows and movies. The rise in surf tourism, and growing importance of surfing as adaptive therapy have also contributed to the growth of surfing activity. Prior to the pandemic, a growing number of travellers were taking surfing lessons during vacations, driving travel industry to offer exclusive surf vacation packages cash in on the trend. As travellers become keen on exotic and authentic surfing experiences, away from the crowded commercial surfing destinations, there has been a significant rise in luxury surfing holidays to pristine and unexploited parts of the world. However, the COVID-19 pandemic and resultant lockdowns, travel restrictions and quarantines have significantly impacted travel industry and surf tourism, thus impacting demand for surfing equipment, apparel and accessories. However, surfing vacations hold tremendous potential and are likely to be a vital component of the global travel industry in the post COVID-19 period. The growing focus on wellness and fitness is also leading to increased interest in surfing, as spas and wellness centers promote the sport as a fitness ritual. As a result, there has been an increase in the number of aspiring surfers ranging from corporate top executives including CEOs to moms surfing with kids. With interest in surfing rising over the years, the 'surfer look' has gained center-stage in the world of fashion.

The changing surfing demography is set to alter the surf industry and fuel growth in the surf-wear and surf-equipment (surf-gear) in the coming years. One of the noteworthy demographic shifts with significant implications for the surfing market is the growing participation of women in this traditionally male-dominated sporting activity. It is estimated that women account for over 35% of surfers in the United States. With more women taking up surfing and other offshoot activities such as standup paddleboarding (SUP) as fitness and wellness routines, surf-wear (surf fashion) has become a lucrative business over the eyars. The popularity of surfing and related sports is also growing among youth not just as a leisure and recreational activity but also at a professional level. The recent years have also witnessed increased interest in haute couture surf wear, which blends fashion with functionality leading to the emergence of chic surf stores on the streets of Paris, London and New York, the fashion capitals of the world. Growing interest in surfing is also credited to aggressive promotional campaigns launched by sporting associations and equipment manufacturers in order to gain a wider audience.

Surfing apparel and equipment market also benefits from the rising popularity of surfing as a health and fitness activity due to its ability to offer whole-body benefits. Paddling is known to provide intense cardio workout, and aids in building strength of arms, back and shoulder. Paddling also aids in overall muscle workout due to constant balancing on the board, with the activity also assisting in building leg strength as well as flexibility. Several medical studies have also offered support for surfing's role in preventing stress and depression. This is because wave turbulence is known to lead to release of charge ions into the atmosphere, thus releasing endorphins among people.

Surf tourism has contributed significantly to the demand for surfing equipment and apparel over the years. Surf tourists benefit from the emergence of several surfing and wellness centers. Earlier, surf tourism typically was restricted to surf camps, whereby the activity was mainly attractive for serious surfers. This has however changed over the recent years, with surf tourism now focused on addressing the needs of wellness oriented as well as female surfers, who benefit from their growing disposable incomes. Growing number of surfing-focused properties are including wellness experiences such as spas to their offerings, while the number of resorts at major surf breaks are looking to add surfing schools. Such a strategy ensures that in the absence of surf waves, tourists/guests can be engaged in other activities. The emergence of new surfing locations also presents opportunities for the surfing apparel and surf gear market. In the US, while California and Hawaii have been the traditional surfing locations, additional locations across the US coasts, such as Outer Banks of North Caroline and Maine are gradually emerging as ideal locations for holding surfing competitive events. Also, the increasing number of artificial or manmade surf parks being established across the world also augurs well for surfing industry, including vendors of surfing apparel and equipment. However, with surf tourism coming to a virtual halt during the pandemic, the demand for surf gear and surf wear has been impacted.

The inclusion of surfing as a sporting event in the Olympics also has the potential to spur interest in the activity. The inclusion of surfing in Olympics in Tokyo presents a huge growth opportunity for surfing as a sport, thus promising growth in sales of surf gear and apparel over the coming years. In several countries surfing is recognized as a professional sport, which is being immensely helpful for sales increase of surfing equipment. There are now international leagues like the WSL (World Surf League) in which professional surfers from all over the world take part in different competitive formats of the sport. A few surfing sports coordinated by the league include the Big Wave Tour, The Championship Tour, The Longboard Championship, and the Master Championship among others. Also, in the year 2018, the WSL mandated equal pay for both the sexes, a move which wielded a major positive impact on the sport, encouraging increased participation by women.

Of the different types of surfing equipment, surfboards hold the dominant share in the overall market in terms of revenues and are likely to sustain their leading position for many years to come. Growth for the segment is driven by increased availability of a number of boards, suiting specific requirements of surfers. Companies are also now offering personalized surfing boards and boards integrated with sophisticated features and technologies. Advanced surfers mostly use shortboards because of their maneuverability and greater performance and therefore shortboards hold the higher share than longboards. Apparel and accessories include board shorts, wet suits and other surf wear. Wet suit represents an effective garment and also a more practical one for surfers. However, in conditions of warm weather board shorts are preferred. Board shorts became popular even among non-surfers lately. It is now among the trendy beachwear items. More

Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.

Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android

Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp

Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./

Follow Us on Twitter
https://twitter.com/marketbytes

Journalists & Media
[email protected]

SOURCE Global Industry Analysts, Inc.